Walgreens Q1 profit dips on weak pharmacy operations

Walgreens Boots Alliance fell short of Wall Street earnings expectations in the first fiscal quarter, in large part due to weak prescription volume, CNBC reported Jan. 8. 

Facing pressure as consumers increasingly shop online for products traditionally bought at drugstores and as insurers pay pharmacies less to fill prescriptions, Walgreens' earnings for the fiscal quarter that ended Nov. 30 sent its shares down by more than 5 percent. 

Weak prescription volume was the biggest surprise of the first quarter, the company reportedly said on an earnings call. 

Earnings per share were $1.37 versus an expected $1.41, and revenue was $34.3 billion versus an expected $34.6 billion. 

CEO Stefano Pessina reportedly said that Walgreens still expects "roughly flat" adjusted earnings per share despite the company's first-quarter performance. 

"We are confident our strategic plans are the right ones to drive long-term sustainable growth going forward," Pessina told CNBC

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